Well, that is what risk is. That things may not turn out as...

Well, that is what risk is. That things may not turn out as expected. If you're investing in speculative stocks (and yes this is speculative, anything pre cash flow, let along pre production is speculative) and don't make a provision that things may not work out as intended you are asking for trouble.

Without going into value vs price/viability of commercialisation strategy and just stick to management. Roly bought a substantial portion earlier this year after the deal was made, so clearly feels there is miss-pricing in the market in his perception of the deals value. Everyone had ample chance to sell out well above current SP. If you chose not to despite losing faith in management, you have nobody to blame but yourself. If you don't accept your mistakes you can't improve as an investor.

Roly's interests are aligned to holders given his own shareholding, and has stated the intent is not to manufacture a price but get into production. If that happens valuation will take care of itself on earnings. Sometimes ventures don't work out, that is the cut and thrust of speculative investing. Buy the ticket, take the ride. Saying it is miss-leading to expect a speculative venture did not work out exactly as intended is to miss-understand the risk profile inherent in this end of the market, let along in a risk off environment driven by rising rates (just look at PLS, down over 40% since Jan and thats a company that is actually in production). MD can only control so much.

IMO, DYOR

MJ